Adani Group

ARTICLES ABOUT ADANI GROUP BY DATE - PAGE 4

NEW DELHI: State Bank of India has said the final decision on the controversial $1 billion (Rs 6,200 crore) loan agreement with Adani Group for its Australian mining project would be taken by the executive committee of the bank in 2-3 months. SBI had last month signed the pact with Adani Group on the sidelines of Prime Minister Narendra Modi's visit to Australia. "The executive committee after due deliberations will decide about the disbursement to Adani," State Bank of India (SBI)

MUMBAI: Adani Group founder Gautam Adani and State Bank of India Chairman Arundhati Bhattacharya have strongly defended the state-run bank's intention to lend $1 billion to the conglomerate's $17-billion coal project in Australia, saying the venture is viable despite coal prices falling to afive-year low and local protests. "All I have to say on this issue is that contrary to all opinion, even at current coal prices my Australian coal project is viable and commodity cycles are unpredictable.

NEW DELHI: SBI sanctioning USD 1 billion loan to Adani group's coal project in Australia was today raised in Rajya Sabha by Derek O'Brien (TMC), who said it smacks of crony capitalism. Raising the issue during Zero Hour , he said SBI has signed an MoU pledging one of the single largest loans to a corporate house despite five international banks refusing to lend to the Adani project. Five leading global banks - Citibank , Deutsche Bank , Royal Bank of Scotland , HSBC and Barclays - had declined to fund the project citing decline in coal mining in Australia, coal prices falling by 50 per cent and environmental issues, he said.

KOLKATA: Adani Group-owned Dhamra Port Company Limited (DCPL) would invest around Rs 7000 crore for expansion of cargo handling facility, an official of the company said today. "We are embarking on the second phase of expansion of Dhamra Port. The company will invest Rs 7000 crore for increasing the number of berths from two to 13", Santosh Mahapatra, director of DCPL told reporters here. He said the company was earlier awaiting clearances from the concerned authorities for commencing the expansion work.

NEW DELHI: Adani Power, owned by billionaire Gautam Adani, said on Monday it purchased the Avantha Group's Korba West Power Co. (KWPCL) for Rs 4,200 crore. The wholly owned subsidiary of Avantha Power owns a 600 megawatt coal-fired plant in Chhattisgarh. KWPCL is building an additional 600 MW of capacity. An Avantha Group spokesperson confirmed the signing of the deal with Avantha Group, owned by billionaire Gautam Thapar . "This acquisition consolidates our pan-Indian presence and further re-affirms our belief in the reform processes underway in the power and coal mining sectors," Adani Group chairman Gautam Adani said.

NEW DELHI: Adani Power Ltd rallied as much as 2.9 per cent in trade on Monday, after reports suggested that it is all set to acquire Avantha group's Korba West Power, a wholly owned subsidiary of Avantha Power. Korba West Power has an installed generation capacity of 600 MW in Chhattisgarh and is implementing another 600 MW in the second phase for an enterprise value of about Rs 4,200 crore, two persons familiar with the development told ET. At 09:30 a.m.; Adani Power was trading 2.6 per cent higher at Rs 45.45.

By Satish John and Sriram Ramakrishnan MUMBAI: Australia's Queensland state will pick up a "substantial stake" to fund the port and rail road projects to evacuate coal from the Galilee basin as part of the $7-billion project promoted by Adani Enterprises, India's biggest importer of the fuel, chairman Gautam Adani said in an interview to ET. The commitment made by the Queensland government is being cited by the Gujarat-based company as...

CHENNAI: After Congress questioned the logic of the $ one billion loan to the Adani group, CPI today joined issue demanding RBI's intervention in the matter. Congress had questioned the decision of State Bank of India to give $ one billion loan to Adani group for the development of Carmichael coal mine during Prime Minister Narendra Modi's just concluded visit to Australia . Dismissing it as "mere technicality," CPI refused to accept the defence of the SBI that it had only signed an "MoU" with Adani group and that the loan will be advanced only after "due diligence".

NEW DELHI: Accusing the NDA government of 'financial impropriety' and 'crony capitalism,' Congress has demanded that the Centre and State Bank of India explain the logic behind SBI giving $1 billion loan to the Adani group for the development of Carmichael coal mine during Prime Minister Narendra Modi's visit to Australia. It alleged that the prime minister, "appeared to be taking interest in promoting the Adani group" and demanded SBI make public its MoU with the business house.

NEW DELHI: Dismissing questions raised by Congress over SBI signing an MoU for extending USD 1 billion loan to Adani Group, Union Minister Ravi Shankar Prasad today said the state-run bank takes its own commercial decisions and asserted the government had no role in it. "Congress has accused SBI of giving loan to Adani group. Adani Group has a mine in Australia, they have signed an MoU (Memorandum of Understanding) only. Loan has not been given. After establishing financial and commercial viability the loan will be decided by the SBI," the minister told reporters here.